As a mum and wife, having a secure financial safety net for my family is really important to me. Life insurance is one of those things that bring reassurance and peace of mind, knowing that loved ones will be taken care of if the worst should happen. After my diagnosis of multiple sclerosis, I was worried about how this may affect my ability to get a policy and I thought, I can’t be the only one of my fellow MSrs worrying about that.
This is why I decided to do a little research, with the help of a leading life insurance broker Reassured, on the process of arranging life insurance with multiple sclerosis. Surprisingly, the world of financial protection isn’t as scary as I once thought. I’ve even found some useful tips on how to find affordable deals if you’re living with a chronic illness.
What is life insurance?
Life insurance provides a cash payout when you pass away. It can help your loved ones maintain their standard of living despite losing your income. Your policy could help to cover a range of costs such as:
- Mortgage repayments
- Outstanding loans and other debts
- Bills and childcare
- Funeral costs.
There are different types available, some of which may be better suited to people with multiple sclerosis. Some of the most popular policies include:
- Term life insurance – covers you for a set period of time.
- Whole of life insurance – covers you for the rest of your life.
- Over 50s life insurance – covers you for the rest of your life (available to applicants over 50, no medical questions)
Can you get life insurance if you have MS?
According to Reassured, it’s completely possible to get life insurance if you have MS. Various options may be available depending on your personal circumstances. Factors that can affect your eligibility include:
- Type of MS (relapsing-remitting, secondary progressive or primary progressive)
- The severity of your symptoms
- Date of diagnosis
- Date of your last relapse
- Type of treatment received
- The medication you’re taking
- Any additional health complications
Other factors that are considered when you apply include your age, whether you smoke, your weight, your job and regular hobbies. Symptoms of MS vary between individuals, so every application is considered on a case-by-case basis. However, you’re more likely to be offered a policy if you’re experiencing relapsing-remitting MS, you’re responding well to treatment and you’re leading a healthy lifestyle.
Does my policy pay out for claims related to MS?
Some policies might not pay out for claims related to MS, so it’s important to make sure that you’ve chosen the right cover. In most cases, life insurance doesn’t exclude pre-existing conditions and will cover you if you pass away due to any cause.
Will I need to have a medical exam?
It’s possible, depending on your circumstances. Some insurers may request access to your medical records from a GP as opposed to a physical exam. You’ll need to give permission for this to happen. If you’re asked to undergo an exam as part of your application, then this will be arranged and paid for by the insurer (at a location convenient for you). It will involve a nurse or doctor carrying out a series of small tests and asking questions about your health and family medical history.
Which type is best?
This depends on your personal needs and circumstances, but after looking at the different options available, term-based policies or over 50s life insurance might be best for those with multiple sclerosis.
Term life insurance covers you for a specified period of time (such as 30 years), so it’s usually the cheapest option and can protect your family while they’re dependent on your income. The only caveat is that you’ll need to provide your medical information when applying, which could affect your eligibility or the cost of your monthly payments.
If you’re unable to secure term-based life insurance through a standard insurer, then not to worry, as you could apply with a specialist insurer instead. Specialist insurers are better equipped to offer affordable cover to people with pre-existing medical conditions.
Alternatively, if you’re aged over 50, then over 50s life insurance could be a good option. You can apply without providing any information about your multiple sclerosis (as there are no health questions), and acceptance is typically guaranteed if you’re between the age of 50 and 80 (or up to 85 with some insurers).
Tips for applying for life insurance with MS (and how to find affordable deals)
- Always be honest about your MS and provide truthful information about your health to make sure that your policy will pay out in the future
- You may need to go through a specialist broker or insurer to find suitable cover, particularly if you have severe MS or other health complications
- If you’ve been declined in the past, then this doesn’t mean other insurers will also decline your application as each insurer has a different underwriting process
- Not smoking, eating healthily, and regular exercise are good ways to improve your overall health and can help reduce the cost of your life insurance
- Shop around, research the different policies available, and compare quotes from multiple insurers to find the best policy at the best price
The takeaway
- You can get life insurance if you have MS
- Your ability to take out a policy will depend on the type of MS, severity of your symptoms, and other key factors listed above
- You’ll be required to answer questions about your condition, and you may need to provide further medical evidence (such as a medical report or exam)
- You could be charged a higher premium or declined depending on your personal circumstances
- Over 50s life insurance could be a good policy option for people over 50 with MS
- Comparing policies and quotes can help you find out your available options.
Hopefully, this blog post has helped demystify how multiple sclerosis can affect your ability to secure life insurance protection. While this topic can seem overwhelming, it’s worth knowing about. Unfortunately, only 35% of people have life insurance despite 6 in 10 households saying it would benefit their family. With more than 130,000 people with MS in the UK, and nearly 7,000 people being diagnosed each year, everyone eligible should have access to financial protection for their loved ones.